Despite of inflation, seafood export businesses made progress

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the export seafood industry set numerous records in the first half of 2022. Compared to the same time last year, the first half of this year saw record in sales and growth. Compared to the same period in 2021, the entire seafood industry earned 5.7 billion USD in foreign currency, an increase of almost 40%. Pangasius set a new record in this category with sales of 1.4 billion USD, an 82 percent increase. Shrimp exports still accounted for the highest proportion of 40% with nearly 2.3 billion USD. Despite difficulties with raw materials, seafood products maintained a growth rate of 12 to 55 percent over the same period, generating over 2 billion USD.

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Ms. Le Hang, Deputy Director of the VASEP.PRO Center, stated that despite the "storm" of inflation, high input costs, and high selling prices, seafood processing and exporting businesses remained strong. Markets with high demand, like the US, EU, China, and markets that always prefer processed seafood products in Vietnam, like Japan, Korea, and Australia, as well as other potential markets, have provided opportunities for seafood enterprises.

During the first six months of this year, export sales for Vietnamese businesses grew at an exceptional rate. In which, Vinh Hoan Joint Stock Company ranked first among nearly 900 seafood export enterprises with sales of over 226 million USD, up 82% over the same period last year.

Market fluctuations in 2022 such as inflation and the conflict between Russia and Ukraine are an opportunity for Vietnam's pangasius export industry. Some of the most important markets are going to switch from pollock and cod to pangasius as a more sustainable option. Along with Vinh Hoan, other pangasius export businesses saw significant increases in sales, including Dai Thanh Tien Giang (up 118%), NTFS Seafood JSC (up 87%), IDI (86%), and Van Duc Tien Giang (61%). East Sea Fisheries Company and NAVICO both saw a 41 percent increase in revenue. Notable achievement was made by Anh Nhan Production and Trading One Member Co., Ltd., whose sales were nearly 5 times higher than they were during the same period the previous year.

More difficult than shrimp and pangasius, the seafood industry has made extraordinary efforts and achieved greater results than last year. Tuna companies including Hai Long Nha Trang increased export sales by 58%, Binh Dinh Seafood JSC increased export sales by 33%, Hai Vuong (HAVUCO) increased export sales by 144%, and Tin Thinh Company doubled sales. Other businesses also saw significant growth in exports, including Nha Trang Seafood F17, which saw a 34% increase and Hai Nam Co., Ltd, which saw a 67% increase.

In the second half of 2022, according to Hang, shrimp and seafood materials will be harder to obtain than they were at the beginning of the year, as the demand in major markets would decrease. With the flexibility and efforts of Vietnamese seafood businesses, however, this year's export record of 10 billion USD is certainly attainable.